NEW YORK ( TheStreet) -- CHANGE IN RATINGS
Joy Global (JOY) downgraded at Goldman to Neutral, said Goldman Sachs. The firm's model underestimated declines in mining equipment share of capex and visibility on the commodity recovery remains clouded. US Airways (LCC) downgraded at BofA/Merrill to Underperform, Bank of America/Merrill Lynch said. $16 price target. Estimates also cut, given lower expected AMR results.
Occidental Petroleum (OXY) downgraded at Sterne Agee to Neutral, Sterne Agee said. Valuation call, based on a $97 price target. Progressive (PGR - Get Report) rated new Reduce at Nomura. Valuation call, based on a $20 price target. QEP Resources (QEP) upgraded at Sterne Agee from Neutral to Buy, Sterne Agee said. $36 price target. Company is executing well in the Bakken, expanding its midstream business and is leveraged to firming gas prices. Standard Pacific (SPF) rated new Buy at BofA/Merrill SPF was initiated with a Buy rating, BofA/Merrill Lynch said. $11 price target. Company has better pricing and margins that its peers. Timken (TKR) upgraded at Jefferies to Buy, Jefferies said. $65 price target. Company is attractive, based on a sum-of-the-parts valuation.
STOCK COMMENTS / EPS CHANGESABM Industries (ABM) numbers upped at Jefferies through 2014, Jefferies said. Janitorial demand is driving strong organic growth. Buy rating and new $29 price target. Axiall Corp (AXLL) estimates reduced at UBS on lower PVC volumes and margins, said UBS. Salesforce.com (CRM) added to Americas Conviction List at Goldman. The company is taking share in the customer relationship management market and upside is expected to current bookings forecast. Dollar General (DG) numbers cut at BMO. Shares of DG now seen reaching $58, according to BMO Capital. Estimates also reduced, given the company's new guidance. Outperform rating. Hospira (HSP) price target raised at UBS to $37 to reflect lowers costs as Precedex goes generic, the removal of manufacturing issues, and benefits from the low cost facility in India, said UBS. MarketAxess (MKTX) estimates, target increased at Credit Suisse. MKTX estimates were raised through 2015, Credit Suisse said. Company is leveraged to healthier fixed income markets.
STRATEGY CALLS / MARKET CALLSS&P 500 target raised at Credit Suisse to 1730 from 1640, Credit Suisse said. Too much pessimism on impact of tapering and attractive relative valuation. >To submit a news tip, email: email@example.com. Follow TheStreet on Twitter and become a fan on Facebook.
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